Vivendi (VIV) H1 2024 earnings summary

Executive summary

• Revenue reached EUR 9.052 billion in H1 2024, up 5.8% organically year-over-year, driven by strong performances at Lagardère and Canal+ Group, with EBITA up 13.5% at constant currency and perimeter.

• All main business units—Canal+, Lagardère, and Havas—delivered positive revenue growth, with Lagardère consolidated for the first time in H1.

• The group is progressing with a major split project, aiming to list Canal+, Havas, and Louis Hachette Group separately by end-2024, subject to approvals, with feasibility confirmed.

• Havas launched a new strategic plan and is investing €400 million in data, tech, and AI over four years.

• Share price increased 20% from December 2023 to July 2024, reflecting market confidence in the split project.

Financial highlights

• H1 2024 revenues: €9.1 billion (+5.8% organic); EBITA: €619 million (+39.3% reported, +13.5% constant currency and perimeter); adjusted net income: €329 million (+1.5%); net income group share: €159 million (-8.3%).

• Net financial debt increased to €3.88 billion as of June 30, 2024, mainly from investments in MultiChoice, Viaplay, Viu, and Lagardère consolidation.

• Cash flow from operations was €160 million in H1; available credit facilities stood at €2.9 billion.

• Dividend of €0.25/share paid in May 2024 (€254 million total); share buybacks totaled €155 million in H1 2024.

• Portfolio includes significant stakes in UMG (11.87%), MultiChoice (45.2%), Viu (36.8%), and Viaplay (29.33%).

Outlook and guidance

• Management expresses confidence for the remainder of 2024, with strong business momentum and consolidated leadership.

• Split project implementation targeted for mid-December 2024, pending employee, shareholder, and regulatory approvals.

• Virtually zero net debt targeted for Canal+, Havas, and Louis Hachette Group, except for MultiChoice tender offer debt.